The Managing Director of Pipeline and Product Marketing Company, Prince Haruna Momoh, said Nigeria lost N376 billion between 2008 and 2013 to pipeline vandalism.
Momoh stated this on Saturday in Uyo, Akwa Ibom State at a capacity building workshop for energy correspondents.
Momoh was represented at the workshop by the Executive Director Commercial of PPMC, Francis Amego.
The MD said the activities of vandals had made it difficult for PPMC to meet up its obligation in delivering oil and gas products to their various destinations across the country.
He said: “Pipeline vandalism has been a major challenge to downstream sector as it truncates effective product distribution within the network
“The vision that drives PPMC is to provide petroleum products to the domestic market at affordable prices.
“But the activities of these unscrupulous elements have been a hindrance to achieving these objectives.”
According to Momoh, the PPMC pipeline network’s current assets amount to 5,120 Kilometres.
He added that the company had 21 petroleum products depots, eight liquefied petroleum gas depots, two off-shore product terminals and four jetties across the country.
The PPMC boss called for the speedy passage of the Petroleum Industry Bill in the National Assembly.
Momoh expressed optimism that the Bill would go a long a way in accelerating the development of the downstream sector and also open ways for deregulated market to reduce cost.